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Monday, December 22, 2014 (Week 51)
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Monday, December 22, 2014 (Week 51)
IN THE NEWS Latest Company News
Dividend Paying Shipping Stocks
CAPITAL MARKETS DATA Currencies, Commodities & Indices
Shipping Equities – Weekly Review
Weekly Trading Statistics – by KCG
SHIPPING MARKETS Weekly Market Report – by Cleartrade Exchange
Stifel Shipping Markets
Weekly Tanker Market Opinion, by Poten & Partners
Tanker Market - Weekly Highlights, by Charles R. Weber Company
S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny
TERMS OF USE & DISCLAIMER
CONTENT CONTRIBUTORS
Capital Link Shipping
Weekly Markets Report
Capital Link - New York - London - Athens - Oslo New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321 Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801 Oslo - Raadhusgaten 25 P.O. Box 1904 Vika N-0116 Oslo, Norway
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Investor Relations & Financial Advisory
indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.
www.CapitalLinkWebinars.comSector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).
Capital Link Investor Shipping ForumsIn New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.
www.MaritimeIndices.comCapital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.
Capital Link Shipping Weekly Markets ReportWeekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.
Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.
Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.
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Monday, December 22, 2014 (Week 51)
Monday, December 15, 2014
Golar LNG Partners L.P.:GOLAR ESKIMO ACQUISITION
Golar LNG Partners LP (NASDAQ: GMLP) announced that it has
entered into an agreement to acquire the ownership interests in the
companies that will own and operate the Golar Eskimo, a floating
storage and regasification unit ("FSRU"), from Golar LNG Limited
("Golar") for an aggregate purchase price of approximately $390.0
million. The Partnership will finance the purchase price with cash on
hand, the proceeds of a $220.0 million loan from Golar and the
assumption of outstanding bank debt in respect of the Golar Eskimo
on the closing date of the acquisition (which the Partnership
estimates will be approximately $162.8 million).
http://www.golarlngpartners.com/index.php?name=seksjon/Stock_Ex
change_Releases/Press_Releases.html&pressrelease=1880444.ht
ml
Tuesday, December 16, 2014
Navios Maritime Holdings Inc. Declares Quarterly Dividend of
$54.6875 per Share on Its Series G Preferred Stock; Quarterly
Dividend of $53.90625 per Share on Its Series H Preferred Stock
http://www.navios.com/Newsroom/default.asp
Hercules Offshore, Inc. Provides December Fleet Status Report
Hercules Offshore, Inc. (Nasdaq: HERO) announced that it has
published the December Fleet Status Report ("the Report"). The
Report includes the Hercules Offshore Rig Fleet Status (as of
December 16, 2014), which contains detailed contract information for
each of the Company's drilling rigs. The Report also includes the
Hercules Offshore Liftboat Fleet Status Report, which contains
information by liftboat class for November 2014, including revenue
per day and operating days. The Report can be found on the
Company's website at www.herculesoffshore.com, under the
"Investor Relations" section of the website.
http://ir.herculesoffshore.com/phoenix.zhtml?c=192573&p=irol-
newsArticle&ID=1999955
Frontline Announces Debt-for-Equity Exchange
Frontline Ltd. (NYSE:FRO) announced that it has entered into a
private agreement to exchange $22,500,000 of the outstanding
principal amount of the Company's 4.5% Convertible Bond Issue
2010/2015 (the "Bonds") for an aggregate of 3,984,375 shares at an
exchange price of $3.12 per share, and a cash payment
of $9,562,500 plus accrued interest. In addition, under the
exchange agreement, Frontline has agreed to issue, on December
23, 2014, up to an additional 760,377 shares to the holders of the
Bonds based on an agreed formula if the 5-day volume-weighted
average price (VWAP) of the Company's shares, for the period
ending December 22, 2014, is lower than the exchange price,
subject to a minimum VWAP price of $2.62 per share.
http://www.frontline.bm/IR/press_releases/1880721.shtml
KNOT Offshore Partners LP Announces Completion of
Acquisition of Dan Cisne
KNOT Offshore Partners LP (NYSE: KNOP) announced that further
to its announcement on December 10, 2014, its wholly owned
subsidiary KNOT Shuttle Tankers AS has completed its acquisition
of all interests in Knutsen Shuttle Tanker 20 AS that owns and
operates the Dan Cisne from KNOT Offshore Tankers AS for a
purchase price of $103.0 million less approximately $82.1 million of
existing bank debt ($23.4 million of which was prepaid by KNOT 20
at closing). The purchase price has been settled by way of a cash
payment of approximately $8.8 million and with seller financing
provided by KNOT in the form of a loan in the amount of
approximately $12.0 million.
http://ir.knotoffshorepartners.com/investor-relations/news-
releases/news-details/2014/KNOT-Offshore-Partners-LP-
Announces-Completion-of-Acquisition-of-Dan-Cisne/default.aspx
NewLead Holdings Ltd. Announces Settlement Agreement with
Ironridge Global IV
NewLead Holdings Ltd. (OTC: NEWL) announced that the Company
reached a full and final settlement with Ironridge Global IV
("Ironridge") on December 11, 2014 of all disputes between the
parties. Pursuant to the settlement, the arbitration proceedings
between the parties referred to in the Company's press release of
June 5, 2014 has been discontinued, and the Share Subscription
Agreement entered into on March 4, 2014 and the other related
transaction documents, including the Series A Preference Shares,
Promissory Notes and Irrevocable Letter of Instruction, have all been
terminated and canceled.
http://phx.corporate-ir.net/phoenix.zhtml?c=190546&p=irol-
newsArticle&ID=1999763
Wednesday, December 17, 2014
Scorpio Bulkers Inc. Announces Agreements to Modify and Sell
Existing Shipbuilding Contracts for Six Capesize Vessels
Scorpio Bulkers Inc. (NYSE: SALT) announced that it has (i) reached
agreements with shipyards in South Korea and Romania to modify
six newbuilding contracts for Capesize bulk carriers into newbuilding
contracts for LR2 product tankers, (ii) reached an agreement to sell
four of these LR2 newbuilding contracts to Scorpio Tankers Inc., a
related party, and (iii) granted options to Scorpio Tankers Inc. to
purchase the two remaining LR2 newbuilding contracts.
http://ir.scorpiobulkers.com/press-releases/scorpio-bulkers-inc-
announces-agreements-to-modify-and-sell-existing-shipbuildin-nyse-
salt-1165458
Star Bulk Carriers Corp. Announces Long Term Strategic
Commercial Partnership with Major Mining Compny
Star Bulk Carriers Corp. (Nasdaq: SBLK), announced the execution
of three agreements with a leading publicly-traded mining company
(“the Charterer’), for the voyage employment of three Newcastlemax
vessels, HN 1359, HN NE 166 (tbn Gargantua) and HN NE 184 (tbn
Maharaj) (collectively the “Vessels”), to be delivered with the latest
generation fuel-efficient specifications from leading shipyards in
China.
http://www.starbulk.com/UserFiles/sblk121714.pdf
Box Ships Inc. Finalizes Agreements with Lenders
Box Ships Inc., (NYSE: TEU), announced that it has entered into an
agreement with the last remaining lender in the Company’s
Latest Company News
IN THE NEWS
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Monday, December 22, 2014 (Week 51)
successful efforts to amend the terms of its loan agreements. The
Company agreed with the lender to waive certain covenants and
amend the repayment profile of the loan through its maturity. In
return for paying the next four installments up front, the bank has
agreed to defer the following four installments so that no additional
principal payments will be made until 2017. In addition, the bank has
agreed to waive or remove certain financial covenants for as long as
we have similar agreements in place with our other lenders. With this
agreement in place, the Company has now completed the exercise
of amending its loans, and has significantly improved its liquidity
position during this prolonged downturn.
http://www.box-ships.com/press-releases.php?id=124
Scorpio Tankers Inc. Announces Agreement to Purchase
Newbuilding Contracts, Agreements to Sell Three of Its Older
Vessels, Delivery of Six Vessels, and a Conference Call
Scorpio Tankers Inc. (NYSE: STNG) announced that it (i) has
reached an agreement to purchase four LR2 newbuilding contracts
and options to purchase two additional LR2 newbuilding contracts,
(ii) has reached agreements to sell three of its older vessels, (iii) has
taken delivery of six newbuilding vessels, and (iv) will have a
conference call on Wednesday December 17, 2014 at 10:00 AM
EST or 4:00 PM CET.
http://ir.scorpiotankers.com/press-releases/scorpio-tankers-inc-
announces-agreement-to-purchase-newbuilding-contracts-agree-
nyse-stng-1165450
Teekay Offshore Awarded New FPSO Contract for Petrojarl I
FPSO and Agrees to Acquire Knarr FPSO
Teekay Offshore Partners L.P. (NYSE:TOO) announced that it has
entered into an agreement with a consortium led by Queiroz Galvão
Exploração e Produção SA (QGEP) to provide a floating production,
storage and offloading (FPSO) unit for the Atlanta field located in the
Santos Basin offshore Brazil.
http://www.teekayoffshore.com/News-and-Media/News-
Releases/News-Releases-Details/2014/Teekay-Offshore-Awarded-
New-FPSO-Contract-for-Petrojarl-I-FPSO-and-Agrees-to-Acquire-
Knarr-FPSO/default.aspx
Dynagas LNG Partners LP Announces Transfer of Listing of
Common Units to New York Stock Exchange and the Listing of
its Senior Notes Due 2019
Dynagas LNG Partners LP (NASDAQ: DLNG) announced that it is
voluntarily transferring the listing of its common units representing
limited partnership interests (the “Common Units”) to the New York
Stock Exchange (the “NYSE”) from the NASDAQ Global Select
Market (“NASDAQ”). The Partnership expects its Common Units to
cease trading on NASDAQ effective at the close of business on
December 29, 2014, and to commence trading on the NYSE on
December 30, 2014, when the market opens. The Partnership will
retain its current ticker symbol “DLNG” when trading begins on the
NYSE.
http://www.dynagaspartners.com/?page=press_show&id=46
Thursday, December 18, 2014
Noble Corporation Provides Fleet Contract Status Update
Noble Corporation (NYSE: NE) announced that its report of drilling
rig status and contract information has been updated as of
December 18, 2014. The report, titled "Fleet Status Report," can be
found on the Company's Web site www.noblecorp.com, under the
"Investor Relations" section of the Web site.
http://phx.corporate-ir.net/phoenix.zhtml?c=98046&p=irol-
newsArticle&ID=2000921
Transocean Ltd. Provides Fleet Update Summary
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) issued a monthly Fleet
Update Summary which includes new contracts, changes to existing
contracts, and changes in estimated planned out-of-service time of
15 or more days since November 18, 2014. The total value of new
contracts since the November 18, 2014 Fleet Update Summary is
approximately $453 million.
http://www.deepwater.com/news?ID=2000932
Navios Maritime Acquisition Corporation Announces
Employment for Two MR2 Product Tankers
Navios Maritime Acquisition Corporation ("Navios Acquisition")
(NYSE: NNA), announced that the Nave Pyxis and the Nave
Sextans have been chartered out to a high quality counterparty for
three years at a rate of $16,294 net per day.
http://newsroom.navios-
acquisition.com/phoenix.zhtml?c=222706&p=irol-
pressArticle&ID=2000869
Teekay Tankers Agrees to Acquire Five Modern Aframax
Tankers
Teekay Tankers Ltd. (NYSE:TNK) announced that it has agreed to
acquire four coated Aframax tankers and one uncoated Aframax
tanker for an aggregate purchase price of approximately $230
million. The five vessels, which are expected to be delivered in the
first quarter of 2015, were constructed in 2008, 2010 and 2011 at top
tier shipyards in Japan and China. Upon delivery, the vessels will
trade in the Teekay-managed Taurus LR2 Pool and Aframax RSA.
http://www.teekaytankers.com/News/News-Releases/Press-
Release-Details/2014/Teekay-Tankers-Agrees-to-Acquire-Five-
Modern-Aframax-Tankers/default.aspx
Teekay Tankers Ltd. Announces Public Offering of Class A
Common Stock
Teekay Tankers Ltd. (NYSE:TNK) announced that it plans to offer
20,000,000 shares of Class A common stock of the Company in a
public offering. Teekay Tankers expects to grant the underwriters a
30-day option to purchase up to an additional 3,000,000 shares of
Class A common stock. Teekay Corporation is also purchasing $20
million of Class A common stock of the Company at the same price
per share to the public. The Company expects to use the net offering
proceeds and proceeds from Teekay Corporation's investment to
partially finance the previously announced acquisition of four modern
coated Aframax tankers and one modern uncoated Aframax tanker
and for general corporate purposes, which may include funding
future vessel acquisitions.
http://www.teekaytankers.com/News/News-Releases/Press-
Release-Details/2014/Teekay-Tankers-Ltd-Announces-Public-
Offering-of-Class-A-Common-Stock/default.aspx
Latest Company News
IN THE NEWS
4
Monday, December 22, 2014 (Week 51)
GasLog Ltd. announces delivery of GasLog Saratoga
GasLog Ltd. is pleased to announce the delivery of the fully owned
LNG carrier GasLog Saratoga, from Samsung Heavy Industries Co.,
Ltd. The vessel has secured a charter to a first class counter-party
for her maiden voyage and will proceed accordingly.
http://www.gaslogltd.com/investor-relations/news
Friday, December 19, 2014
Scorpio Bulkers Inc. Announces Agreement to Sell Kamsarmax
Newbuilding
Scorpio Bulkers Inc. (NYSE: SALT) announced that it has entered
into an agreement to sell a Kamsarmax newbuilding dry bulk vessel
for approximately $30.7 million. The vessel is currently being
constructed at Tsuneishi Group (Zhoushan) Shipbuilding Inc., and
has an expected delivery date in the third quarter of 2015.
http://ir.scorpiobulkers.com/press-releases/scorpio-bulkers-inc-
announces-agreement-to-sell-kamsarmax-newbuilding-nyse-salt-
1166079
Box-Ships Inc. Announces Receipt of Notice of Non-
Compliance from the New York Stock Exchange
Box Ships Inc., (NYSE: TEU) announced that on December 2, 2014,
it received notice from the New York Stock Exchange, Inc. (the
"NYSE") indicating that the Company is no longer in compliance with
the NYSE's continued listing standards because the average closing
price of the Company's common stock over a consecutive 30
trading-day period was less than $1.00 per share.
http://www.box-ships.com/press-releases.php?id=125
Frontline – Increase in Share Capital
Reference is made to the announcement by Frontline Ltd. of the
Company's entry into a debt for equity exchange agreement
December 16, 2014.
http://www.frontline.bm/IR/press_releases/1881952.shtml
Overseas Shipholding Group Announces Board and
Management Changes
Overseas Shipholding Group, Inc. (NYSE MKT:OSGB) (the
“Company” or “OSG”) announced several key management changes
as the Company continues to execute its strategy following
emergence from bankruptcy in August 2014.
http://ir.osg.com/phoenix.zhtml?c=82053&p=irol-
newsArticle&ID=2001219
Teekay Tankers Ltd. Announces Pricing of Public Offering of
Class A Common Stock
Teekay Tankers Ltd. (NYSE:TNK) announced that it has priced its
follow-on public offering of 20,000,000 shares of Class A common
stock at $4.80 per share. Teekay Tankers has granted the
underwriters a 30-day option to purchase up to an additional
3,000,000 shares of Class A common stock. Teekay Corporation is
also purchasing $20 million of Class A common stock of the
Company at the same price per share to the public. The Company
expects to use the net offering proceeds and proceeds from Teekay
Corporation's investment to partially finance the previously
announced acquisition of four modern coated Aframax tankers and
one modern uncoated Aframax tanker and for general corporate
purposes, which may include funding future vessel acquisitions.
http://www.teekaytankers.com/News/News-Releases/Press-
Release-Details/2014/Teekay-Tankers-Ltd-Announces-Pricing-of-
Public-Offering-of-Class-A-Common-Stock/default.aspx
Monday, December 22, 2014
DryShips Inc. Announces the Results of its 2014 Annual
General Meeting of Shareholders
http://dryships.irwebpage.com/press/dryspr122214.pdf
Navios Maritime Holdings Inc. Announces Senior Leadership
Changes
http://www.navios.com/Newsroom/default.asp
Noble Corporation Announces Results of Shareholder Vote
Noble Corporation (NYSE: NE) announced the results of a special
meeting of shareholders of Noble Corporation held on December 22,
2014. At the meeting, shareholders approved a proposal authorizing
the Company to purchase from time to time up to 37,000,000
ordinary shares or approximately 15 percent of the Company's
outstanding ordinary shares. The authority conferred by passage of
this proposal will expire on the later of 16 months after the meeting
date or the end of the Company's 2016 annual general meeting of
shareholders. The Company has the right to begin, suspend or
discontinue share repurchases at any time during the 16-month
authorization. The Company can give no assurances regarding the
number of shares that will ultimately be repurchased or the timing of
such repurchases.
http://phx.corporate-ir.net/phoenix.zhtml?c=98046&p=irol-
newsArticle&ID=2001529
Nordic American Tankers Limited (NYSE:NAT) - Final
agreement signed for the building of two new suezmax tankers,
increasing dividend and earnings capacity based on a 24 vessel
suezmax fleet.
On December 9, 2014, Nordic American Tankers Ltd. announced
that preliminary contracts had been entered into with a South Korean
shipyard, for the construction of two suezmax tankers to be delivered
in the third quarter 2016 and first quarter 2017. The final documents
were signed December 19, 2014. The contracts are now firm,
bringing the NAT fleet to 24 suezmax crude oil tankers, being able to
transport one million barrels of oil each.
http://www.nat.bm/IR/press_releases/1882687.html
GasLog Ltd. Announces Agreement to Purchase Two LNG
Carriers from BG Group
GasLog Ltd. (“GasLog”) (NYSE:GLOG) has entered into an
agreement with Methane Services Ltd. (“MSL”), an affiliate of BG
Group (“BG”), to acquire two modern tri-fuel diesel electric (“TFDE”)
LNG carriers for a cost of $460 million. The two vessels, Methane
Becki Anne and Methane Julia Louise, will be chartered back to BG
for periods of nine and eleven years with further options by the
charterer to extend the term of the time charter for each vessel by
either three or five years.
http://www.gaslogltd.com/investor-relations/news
Latest Company News
IN THE NEWS
5
Monday, December 22, 2014 (Week 51)
Select Dividend Paying Shipping Stocks Stock Prices as of December 19, 2014
CAPITAL MARKETS DATA
Company Name Ticker Quarterly
Dividend
Annualized
Dividend
Last Closing
Price
(Dec. 19, 2014)
Annualized
Dividend
Yield
Container
Costamare Inc CMRE $0.28 $1.12 $18.85 5.94%
Diana Containerships DCIX $0.00 $0.01 $2.36 0.42%
Seaspan Corp SSW $0.35 $1.38 $18.76 7.36%
Dry Bulk
Baltic Trading Limited BALT $0.01 $0.04 $2.52 1.59%
Knightsbridge Shipping Limited VLCCF $0.05 $0.20 $4.71 4.25%
Navios Maritime Holdings Inc. NM $0.06 $0.24 $4.18 5.74%
Safe Bulkers Inc. SB $0.04 $0.16 $3.97 4.03%
Tankers
Ardmore Shipping Corp. ASC $0.10 $0.40 $11.27 3.55%
DHT Holdings, Inc. DHT $0.02 $0.08 $6.99 1.14%
Navios Maritime Acquisition Corp NNA $0.05 $0.20 $3.59 5.57%
Nordic American Tankers Limited NAT $0.14 $0.56 $9.93 5.64%
Scorpio Tankers Inc STNG $0.12 $0.48 $8.20 5.85%
Teekay Tankers Ltd TNK $0.03 $0.12 $4.70 2.55%
Tsakos Energy Navigation Ltd TNP $0.05 $0.20 $6.98 2.87%
Mixed Fleet
Ship Finance International Limited SFL $0.41 $1.64 $15.09 10.87%
Teekay Corporation TK $0.32 $1.27 $51.31 2.48%
LNG/LPG
Gas Log Ltd GLOG $0.14 $0.56 $20.27 2.76%
Golar LNG GLNG $0.45 $1.80 $36.23 4.97%
Maritime MLPs
Capital Product Partners L.P. CPLP $0.23 $0.93 $7.83 11.88%
Dynagas LNG Partners DLNG $0.39 $1.56 $16.87 9.25%
Golar LNG Partners, L.P. GMLP $0.55 $2.19 $29.66 7.38%
Navios Maritime Partners L.P. NMM $0.44 $1.77 $11.80 15.00%
Teekay LNG Partners L.P. TGP $0.69 $2.77 $43.49 6.37%
Teekay Offshore Partners L.P. TOO $0.54 $2.15 $26.80 8.02%
KNOT Offshore Partners L.P. KNOP $0.49 $1.96 $21.38 9.17%
Hoegh LNG Partners HMLP $0.18 $0.72 $18.39 3.92%
Offshore Drilling
Ocean Rig UDW ORIG $0.19 $0.76 $9.92 7.66%
6
Monday, December 22, 2014 (Week 51)
(1) Annual dividend percentage based upon the liquidation preference of the preferred shares. .
CAPITAL MARKETS DATA
Preferred
Shipping
Stocks
Box
Ships
Series C
Costamare
Series B
Costamare
Series C
Diana
Shipping
Series B
Global
Ship Lease
Series B
International
Shipholding
Series A
International
Shipholding
Series B
Navios
Series
G
Navios
Series H
Ticker TEUPRC CMREPRB CMREPRC DSXPRB GSLB ISHPRA ISHPRB NMPRG NMPRH
Fixed
Annual
Dividend(1)
9.00 7.625 8.50 8.875 8.75 9.50 9.00 8.75 8.625
Liquidation
Preference $24.00 $25.00 $25.00 $25.00 $25.00 $100.00 $100.00 $25.00 $25.00
Last Closing
Price
(12/19/14)
$18.80 $24.58 $25.50 $24.65 $18.79 $100.99 $100.39 $18.89 $18.05
Preferred
Shipping
Stocks
Safe
Bulkers
Series B
Safe
Bulkers
Series C
Safe
Bulkers
Series D
Seaspan
Series C
Seaspan
Series D
Seaspan
Series E
Teekay
Offshore
Series A
Tsakos
Energy
Series B
Tsakos
Energy
Series C
Ticker SBPRB SBPRC SBPRD SSWPRC SSWPRD SSWPRE TOOPRA TNPPRB TNPPRC
Fixed
Annual
Dividend(1)
8.00 8.00 8.00 9.50 7.95 8.25 7.25 8.00 8.875
Liquidation
Preference $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00
Last
Closing
Price
(12/19/14)
$25.24 $17.95 $17.74 $27.35 $25.10 $25.05 $23.25 $24.05 $25.10
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Monday, December 22, 2014 (Week 51)
Indices Week ending, Friday, December 19, 2014
CAPITAL MARKETS DATA
MAJOR INDICES
America Symbol 12/19/2014 12/12/2014 % Change YTD % Change 2-Jan-14
Dow Jones INDU 17,804.8 17,280.83 3.03 8.29 16,441.35
Dow Jones Transp. TRAN 8,989.45 8,836.88 1.73 23.35 7,287.87
NASDAQ CCMP 4,765.38 4,653.60 2.40 15.02 4,143.07
NASDAQ Transp. CTRN 3,832.77 3,749.63 2.22 30.45 2,938.03
S&P 500 SPX 2,070.65 2,002.33 3.41 13.03 1,831.98
Europe Symbol 12/19/2014 12/12/2014 % Change YTD % Change 2-Jan-14
Deutsche Borse Ag DAX 9,786.96 9,594.73 2.00 4.12 9,400.04
Euro Stoxx 50 SX5E 3,141.28 3,067.32 2.41 2.66 3,059.93
FTSE 100 Index UKX 6,545.27 6,300.63 3.88 -3.02 6,749.10
Asia/Pacific Symbol 12/19/2014 12/12/2014 % Change YTD % Change 2-Jan-14
ASX 200 AS51 5,338.65 5,219.57 2.28 -0.54 5,367.90
Hang Seng HSI 23,116.63 23,249.20 -0.57 -0.96 23,340.05
Nikkei 225 NKY 17,621.4 17,371.58 1.44 10.76 15,908.88
CAPITAL LINK MARITIME INDICES
Index Symbol 12/19/2014 12/12/2014 % Change 2-Jan-14 YTD %
Change
Capital Link Maritime
Index CLMI 2,277.65 2,093.34 8.80 2,250.12 1.22
Tanker Index CLTI 1,288.28 1,183.91 8.82 2,521.85 -48.92
Drybulk Index CLDBI 658.94 613.95 7.33 1,020.38 -35.42
Container Index CLCI 1,538.57 1,497.22 2.76 1,814.70 -15.22
LNG/LPG Index CLLG 3,075.77 2,861.51 7.49 3,212.34 -4.25
Mixed Fleet Index CLMFI 2,658.18 2,316.17 14.77 1,437.01 84.98
MLP Index CLMLP 2,845.63 2,557.18 11.28 3,062.97 -7.10
8
Monday, December 22, 2014 (Week 51)
CAPITAL MARKETS DATA
TRANSPORTATION STOCKS
DRYBULK TICKER 12/19/2014
Friday
12/12/2014
Friday
Change
%
52
Week
High
52
Week
Low
1/2/2014 Three Month
Avg. Volume
Baltic Trading Ltd BALT $2.52 $2.51 0.40% $7.60 $2.36 $6.44 988,400
Diana Shipping Inc DSX $6.89 $6.62 4.08% $13.64 $6.31 $13.30 866,628
DryShips Inc DRYS $1.01 $0.86 17.44% $4.70 $0.78 $4.31 12,728,227
Eagle Bulk Shipping Inc EGLE $13.79 $14.03 -1.71% $16.44 $0.68 $4.47 154,662
FreeSeas Inc FREE $0.10 $0.11 -5.21% $2.53 $0.08 $2.31 3,635,554
Globus Maritime Ltd GLBS $2.33 N/A -16.79% $4.44 $2.22 $3.87 9,313
Knightsbridge Shipping Ltd VLCCF $4.71 $3.93 19.85% $16.16 $3.76 $8.98 1,031,194
Navios Maritime Holdings Inc NM $4.18 $3.73 12.06% $11.49 $3.61 $10.65 1,520,730
Navios Maritime Partners LP NMM $11.80 $10.72 10.07% $20.40 $9.67 $18.62 862,858
Paragon Shipping Inc PRGN $2.75 $2.41 14.11% $8.09 $2.31 $7.18 178,521
Safe Bulkers Inc SB $3.97 $4.04 -1.73% $11.43 $3.97 $10.20 614,827
Scorpio Bulkers SALT $2.01 $2.05 -1.95% $10.58 $1.91 $9.72 2,154,889
Seanergy Maritime SHIP $0.97 $0.99 -2.37% $2.10 $0.83 $1.99 11,785
Star Bulk Carriers Corp SBLK $6.55 $5.71 14.71% $15.52 $5.61 $13.10 422,106
TANKERS Ticker 12/19/2014 12/12/2014 Change % 52 wk
high
52 wk
low 1/2/2014
3-Month
Avg. Vol.
Ardmore Shipping Corp ASC $11.27 $10.13 11.25% $15.56 $8.81 $15.16 131,904
Capital Product Partners LP CPLP $7.83 $7.31 7.11% $11.56 $6.79 $10.36 730,077
DHT Holdings Inc DHT $6.99 $6.64 5.27% $8.41 $5.30 $6.67 1,170,017
Frontline Ltd/Bermuda FRO $2.61 $2.25 16.00% $5.06 $1.19 $3.59 1,308,626
Knot Offshore Partners KNOP $21.38 $20.58 3.89% $29.89 $19.20 $27.57 74,475
Navios Acquisition NNA $3.59 $3.11 15.43% $4.85 $2.47 $4.37 594,459
Nordic American NAT $9.93 $9.26 7.24% $12.36 $7.19 $9.46 1,189,403
Scorpio Tankers Inc STNG $8.20 $8.53 -3.87% $11.90 $6.74 $11.78 2,815,919
Teekay Offshore Partners LP TOO $26.80 $22.19 20.78% $37.03 $21.61 $32.55 265,070
Teekay Tankers Ltd TNK $4.70 $5.35 -12.15% $5.69 $3.22 $3.85 754,497
Top Ships TOPS $1.07 $1.29 -17.05% $13.93 $1.04 $11.49 32,990
Tsakos Energy Navigation Ltd TNP $6.98 $6.85 1.90% $8.35 $4.99 $5.95 533,145
BALTIC INDICES
Index Symbol 12/19/2014 12/12/2014 % Change 2-Jan-14 YTD %
Change
Baltic Dry Index BDIY 803 863 -6.95 2,113 -62.00
Baltic Capesize Index BCIY 488 763 -36.04 3,733 -86.93
Baltic Panamax Index BPIY 907 1,001 -9.39 1,780 -49.04
Baltic Supramax Index BSI 917 950 -3.47 1,330 -31.05
Baltic Handysize Index BHSI 497 493 0.81 773 -35.71
Baltic Dirty Tanker Index BDTI 877 857 2.33 1,021 -14.10
Baltic Clean Tanker Index BCTI 785 784 0.13 612 28.27
9
Monday, December 22, 2014 (Week 51)
CAPITAL MARKETS DATA
LPG/LNG Ticker 12/19/2014 12/12/2014 Change % 52 wk
high
52 wk
low 1/2/2014
3-Month
Avg. Vol.
Dynagas LNG Partners DLNG $16.87 $14.28 18.14% $25.27 $14.00 $21.84 68,667
GasLog Ltd GLOG $20.27 $18.48 9.69% $31.89 $15.95 $16.84 1,650,898
Golar LNG Ltd GLNG $36.23 $34.68 4.47% $72.50 $31.44 $35.71 2,726,132
Golar LNG Partners LP GMLP $29.66 $28.99 2.31% $39.00 $27.77 $30.04 190,242
Navigator Gas NVGS $17.35 $16.51 5.09% $31.50 $15.26 $25.88 445,720
StealthGas Inc GASS $5.98 $5.88 1.70% $11.70 $5.37 $10.16 213,413
Teekay LNG Partners LP TGP $43.49 $38.21 13.82% $47.19 $35.42 $41.87 300,986
MIXED FLEET Ticker 12/19/2014 12/12/2014 Change % 52 wk
high
52 wk
low 1/2/2014
3-Month
Avg. Vol.
Euroseas Ltd ESEA $0.84 $0.80 5.00% $1.54 $0.76 $1.40 57,369
Ship Finance International Ltd SFL $15.09 $13.59 11.04% $19.82 $13.11 $16.22 745,998
Teekay Corp TK $51.31 $45.42 12.97% $67.12 $44.66 $47.29 968,020
MLPs Ticker 12/19/2014 12/12/2014 Change % 52 wk
high
52 wk
low 1/2/2014
3-Month
Avg. Vol.
Capital Product Partners CPLP $7.83 $7.31 7.11% $11.56 $6.79 $10.36 730,077
Dynagas LNG Partners DLNG $16.87 $14.28 18.14% $25.27 $14.00 $21.84 68,667
Golar LNG Partners LP GMLP $29.66 $28.99 2.31% $39.00 $27.77 $30.04 190,242
Hoegh LNG Partners HMLP $18.39 $16.81 9.40% $25.89 $16.64 NA 63,422
Knot Offshore Partners KNOP $21.38 $20.58 3.89% $29.89 $19.20 $27.57 74,475
Navios Partners NMM $11.80 $10.72 10.07% $20.40 $9.67 $18.62 862,858
Teekay Offshore TOO $26.80 $22.19 20.78% $37.03 $21.61 $32.55 265,070
OFFSHORE DRILL RIGS Ticker 12/19/2014 12/12/2014 Change % 52 wk
high
52 wk
low 1/2/2014
3-Month
Avg. Vol.
Atwood Oceanics ATW $30.46 $27.19 12.03% $53.79 $26.76 $52.47 1,728,119
Diamond Offshore Drilling DO $39.00 $33.40 16.77% $53.27 $29.37 $52.52 2,268,823
Ensco International ESV $32.77 $27.04 21.19% $57.33 $26.41 $56.57 5,649,760
Hercules Offshore HERO $1.22 $1.10 10.91% $6.55 $1.01 $6.52 4,831,638
Noble Corp. NE $18.63 $14.52 28.31% $32.74 $14.52 $32.00 8,905,144
Ocean Rig UDW Inc ORIG $9.92 $8.50 16.71% $19.87 $8.50 $19.08 609,445
Pacific Drilling PACD $5.11 $4.41 15.87% $11.46 $4.41 $11.25 943,959
Rowan Companies RDC $23.74 $19.99 18.76% $35.36 $19.81 $34.35 2,545,159
Seadrill Ltd. SDRL $12.60 $11.06 13.92% $41.08 $10.66 $40.07 13,313,672
Transocean RIG $19.70 $16.47 19.61% $49.42 $16.25 $48.91 14,486,738
Vantage Drilling Company VTG $0.51 $0.56 -8.14% $1.98 $0.44 $1.86 2,169,277
CONTAINERS Ticker 12/19/2014 12/12/2014 Change % 52 wk
high
52 wk
low 1/2/2014
3-Month
Avg. Vol.
Box Ships Inc TEU $0.84 $0.69 21.88% $3.42 $0.67 $3.28 191,202
Costamare Inc CMRE $18.85 $18.22 3.46% $24.36 $17.80 $17.80 162,853
Danaos Corp DAC $5.85 $5.25 11.43% $7.63 $4.13 $5.08 15,071
Diana Containerships Inc DCIX $2.36 $2.11 11.85% $4.26 $1.85 $4.04 165,312
Global Ship Lease Inc GSL $4.35 $3.83 13.58% $6.06 $3.12 $5.83 60,772
Seaspan Corp SSW $18.76 $18.39 2.01% $24.31 $17.70 $22.57 212,389
10
Monday, December 22, 2014 (Week 51)
OSLO-Listed Shipping Comps
(currency in NOK) Ticker 12/19/2014 12/12/2014 Change %
52 wk
high
52 wk
low
1/2/201
4
3-Month
Avg. Vol.
Goldean Ocean GOGL $4.99 $4.70 6.17% $15.40 $4.70 $13.23 4,788,429
Stolt-Nielsen Ltd. SNI $119.50 $111.50 7.17% $193.50 $106.50 $162.00 72,954
Frontline Ltd. FRO $19.40 $15.50 25.16% $31.80 $7.74 $22.20 932,220
Jinhui Shpg. & Trans JIN $13.20 $11.45 15.28% $29.00 $11.30 $28.00 89,956
Odfjell (Common A Share) ODF $24.40 $21.40 14.02% $46.80 $21.00 $40.50 98,393
Odfjell (Common B Share) ODFB $23.00 $20.30 13.30% $46.20 $20.30 $39.50 40,926
Solvang ASA SOLV $22.00 $22.30 -1.35% $26.00 $20.00 $20.50 2,365
Eitzen Chemical ASA ECHEM $1.95 $1.96 -0.51% $8.17 $1.71 $7.57 24,600
American Shipping Co. AMSC $34.00 $33.30 2.10% $51.38 $29.95 $37.03 104,517
Wilson ASA WILS N/A N/A N/A $17.00 $10.50 N/A 327
Hoegh LNG HLNG $82.00 $70.25 16.73% $105.00 $46.80 $47.90 142,546
Belships ASA BEL $4.19 $4.47 -6.26% $6.80 $3.80 $6.20 7,215
I.M. Skaugen IMSK $4.70 $4.53 3.75% $12.75 $4.53 N/A 4,569
Western Bulk WBULK $4.60 $4.15 10.84% $16.80 $4.00 $15.40 248,833
OFFSHORE SUPPLY Ticker 12/19/2014 12/12/2014 Change % 52 wk
high
52 wk
low 1/2/2014
3-Month
Avg. Vol.
Gulfmark Offshore GLF $24.59 $19.76 24.44% $50.31 $19.76 $45.61 636,201
Hornback Offshore HOS $24.83 $19.63 26.49% $49.23 $19.53 $47.86 957,006
Nordic American Offshore NAO $13.14 $11.14 17.95% $20.40 $9.70 N/A 337,234
Tidewater TDW $33.88 $28.62 18.38% $60.07 $28.62 $58.60 1,118,910
Seacor Holdings CKH $71.40 $70.38 1.45% $91.65 $68.56 $89.77 233,423
11
Monday, December 22, 2014 (Week 51)
Shipping Equities: The Week in Review
SHIPPING EQUITIES UNDERPERFORM THE BROADER MARKET
During last week, shipping equities outperformed the broader market, with the Capital Link Maritime
Index (CLMI), a composite index of all US listed shipping stocks, increasing 8.80%, compared to the S&P
500 gaining 3.41%, Nasdaq gaining 2.40%, and Dow Jones Industrial Average (DJII) increasing 3.03%.
Mixed Fleet stocks were the best performers during last week, with Capital Link Mixed Fleet Index
increasing 14.77%, followed by Capital Link MLP Index rising 11.28%. Container equities were the least
performer during last week, with Capital Link Container Index gaining only 2.76%.
During last week, dry bulk shipping stocks outperformed the physical market, with Baltic Dry Index (BDI)
decreasing 6.95%, compared to the Capital Link Dry Bulk Index increasing 7.33%. Year-to-date, the BDI
has declined 62.00%, while the Capital Link Dry Bulk Index has dropped 35.42%.
During last week, Baltic Dirty Tanker Index (BDTI) increased 2.33% and Baltic Clean Tanker Index
(BCTI) gained 0.13%, compared to Capital Link Tanker Index rising 8.82%. Year-to-date, the BDTI
dropped 14.10% and the BCTI has increased 28.27%, compared to Capital Link Tanker Index declining
48.23%.
The Trading Statistics supplied by KCG Holdings, Inc. provide details of the trading performance of each
shipping stock and analyze the market’s trading momentum and trends for the week and year-to-date.
The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market
participants, to better track the performance of listed shipping stocks individually, by sector or as an
industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader
market, as well as to the physical underlying shipping markets or other commodities. The Indices
currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are
calculated daily and are based on the market capitalization weighting of the stocks in each index. In
terms of historical data, the indices go back to January 1, 2005, thereby providing investors with
significant historical performance.
There are seven indices in total; the Capital Link Maritime Index comprised of all 45 listed shipping
stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the
CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index.
The Index values are updated daily after the market close and can be accessed at
www.CapitalLinkShipping.com or at or www.MaritimeIndices.com. They can also be found through the
Bloomberg page “CPLI” and Reuters.
CAPITAL MARKETS DATA
12
Monday, December 22, 2014 (Week 51)
MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK )
*SOURCE: BLOOMBERG
CAPITAL MARKETS DATA
13
Monday, December 22, 2014 (Week 51)
Custom Statistics Prepared Weekly for Capital Link Shipping
BROAD MARKET
Percent Change of Major Indexes for the Week Ending Friday, December 19, 2014
Name Symbol Close Net Gain Percent Gain
Russell 2000 Index RUT 1195.93 43.49 3.77%
Russell 3000 Index RUA 1228.53 40.57 3.42%
S&P 500 Index SPX 2070.65 68.32 3.41%
Russell 1000 Index RUI 1149.55 37.65 3.39%
Nasdaq Composite Index COMPX 4765.38 111.78 2.40%
Nasdaq-100 Index NDX 4281.78 82.49 1.96%
SHIPPING INDUSTRY DATA (43 Companies)
Moving Averages
• 76.74% closed > 10D Moving Average.
• 34.88% closed > 50D Moving Average.
• 30.23% closed > 100D Moving Average.
• 23.26% closed > 200D Moving Average.
Top Upside Momentum (Issues with the greatest 100 day upside
momentum*)
Top Downside Momentum (Issues with the greatest 100 day
downward momentum*)
*Momentum: Momentum: (100D % change) + 1.5*(50D % change)
+ 2.0*(10D % change) for each stock then sort group in descending order and report the top 10.
*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D
% change) for each stock then sort all names that have a negative value in ascending order and report the top 10.
Symbol Close Weekly %
Change
50-Day %
Change
EGLE 13.79 -1.71% 1645.57%
FRO 2.61 16.00% 80.00%
NNA 3.59 17.32% 39.69%
GSL 4.35 13.58% 39.42%
NAT 9.93 7.24% 37.15%
DHT 6.99 5.27% 25.95%
TNK 4.7 -12.15% 39.88%
MATX 33.21 -4.40% 34.24%
TGP 43.49 13.82% 13.31%
ASC 11.27 11.25% 18.13%
Symbol Close Weekly %
Change
50-Day %
Change
SALT 2.01 -1.95% -59.72%
DRYS 1.01 17.44% -47.94%
TOPS 1.07 -17.05% -39.20%
FREE 0.1 -9.09% -37.50%
SHIP 0.97 -2.02% -35.76%
GLNG 36.23 4.47% -29.69%
SB 3.97 -1.73% -28.60%
VLCCF 4.71 19.85% -33.94%
BALT 2.52 0.40% -21.74%
GASS 5.98 1.70% -26.72%
SHIPPING MARKETS
Top Consecutive Higher Closes Top Consecutive Lower Closes
Symbol Close Up Streak
SFL 15.09 6
CMRE 18.85 4
TOO 26.8 4
NMM 11.8 4
GSL 4.35 4
GLNG 36.23 3
TK 51.31 3
TGP 43.49 3
SBLK 6.55 3
PRGN 2.75 3
Symbol Close Up Streak
SB 3.97 -2
TEU 0.84 -2
TNK 4.7 -2
14
Monday, December 22, 2014 (Week 51)
Top Largest Weekly Trading Gains Top Largest Weekly Trading Losses
Symbol Close One
Week Ago
Today
Close
Net
Change % Change
TEU 0.69 0.84 0.15 21.74%
TOO 22.19 26.8 4.61 20.78%
VLCCF 3.93 4.71 0.78 19.85%
DLNG 14.28 16.87 2.59 18.14%
DRYS 0.86 1.01 0.15 17.44%
NNA 3.06 3.59 0.53 17.32%
FRO 2.25 2.61 0.36 16.00%
SBLK 5.71 6.55 0.84 14.71%
PRGN 2.41 2.75 0.34 14.11%
TGP 38.21 43.49 5.28 13.82%
Symbol Close One
Week Ago
Today
Close
Net
Change % Change
TOPS 1.29 1.07 -0.22 -17.05%
GLBS 2.8 2.33 -0.47 -16.79%
TNK 5.35 4.7 -0.65 -12.15%
FREE 0.11 0.1 -0.01 -9.09%
MATX 34.74 33.21 -1.53 -4.40%
STNG 8.53 8.2 -0.33 -3.87%
SHIP 0.99 0.97 -0.02 -2.02%
SALT 2.05 2.01 -0.04 -1.95%
SB 4.04 3.97 -0.07 -1.73%
EGLE 14.03 13.79 -0.24 -1.71%
Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows
Symbol 52W Low % Away
SB 3.96 0.25%
GLBS 2.21 5.43%
BALT 2.30 9.57%
DSX 6.28 9.71%
GMLP 26.54 11.76%
ESEA 0.75 12.00%
SSW 16.49 13.74%
KNOP 18.78 13.84%
GASS 5.24 14.12%
SALT 1.76 14.20%
SHIPPING MARKETS
Symbol 52W High % Away
TGP 45.85 -5.15%
MATX 36.73 -9.58%
NAT 11.59 -14.35%
TNP 8.29 -15.77%
DHT 8.50 -17.74%
SFL 18.95 -20.35%
TNK 5.95 -21.01%
EGLE 17.49 -21.15%
SSW 23.90 -21.50%
NNA 4.67 -23.10%
Top Largest Monthly Trading Gains (A month has been
standardized to 20 trading days)
Top Largest Monthly Trading*Losses (A month has been
standardized to 20 trading days)
Symbol Close One
Month Ago
Today
Close
Net
Change % Change
FRO 1.31 2.61 1.30 99.24%
NNA 2.63 3.59 0.96 36.50%
DCIX 1.9 2.36 0.46 24.21%
DHT 5.86 6.99 1.13 19.28%
TEU 0.72 0.84 0.12 16.67%
TGP 38.55 43.49 4.94 12.81%
NAT 8.93 9.93 1.00 11.20%
GSL 3.92 4.35 0.43 10.97%
TNK 4.34 4.7 0.36 8.29%
ASC 10.41 11.27 0.86 8.26%
Symbol Close One
Month Ago
Today
Close
Net
Change % Change
SALT 3.62 2.01 -1.61 -44.48%
TOPS 1.61 1.07 -0.54 -33.54%
VLCCF 7.08 4.71 -2.37 -33.47%
GLNG 53.09 36.23 -16.86 -31.76%
DRYS 1.44 1.01 -0.43 -29.86%
BALT 3.49 2.52 -0.97 -27.79%
GLBS 3.18 2.33 -0.85 -26.73%
SHIP 1.31 0.97 -0.34 -25.95%
NVGS 23.15 17.35 -5.80 -25.05%
SB 5.27 3.97 -1.30 -24.67%
15
Monday, December 22, 2014 (Week 51)
SHIPPING MARKETS
Symbol Close Net % Change Run Rate
TNK 4.7 -12.15% 6.5670
FRO 2.61 16.00% 4.0694
GLBS 2.33 -16.79% 3.1560
TOO 26.8 20.78% 3.0727
DAC 5.85 11.43% 2.9545
SALT 2.01 -1.95% 2.7550
NMM 11.8 10.07% 2.5902
DLNG 16.87 18.14% 2.4923
MATX 33.21 -4.40% 2.4633
TGP 43.49 13.82% 2.3163
Top Stocks with Highest Weekly Volume Run Rate* > 1
*The Volume Run Rate is calculated by divided the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume.
Top Year-To-Date Gainers Top Year-To-Date Decliners
Symbol YTD Gain %
EGLE 200.44%
MATX 30.49%
TNK 23.68%
GLOG 21.23%
DAC 19.39%
TNP 18.71%
NAT 11.32%
TK 9.40%
TGP 9.02%
CMRE 8.90%
The following are the 43 members of this group: Symbol - Name: ASC – Ardmore Shipping Corp; BALT - Baltic Trading Ltd; CMRE - Costamare Inc;
CPLP - Capital Product Partners LP; DAC - Danaos Corp; DCIX - Diana Containerships Inc.; DHT - DHT Maritime Inc; DLNG - Dynagas LNG Partners LP;
DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; FREE - FreeSeas Inc; FRO - Frontline Ltd; GASS -
StealthGas Inc; GLBS - Globus Maritime Limited; GLNG - Golar LNG Ltd; GLOG - GasLog Ltd.; GMLP - Golar LNG Partners LP; GSL - Global Ship Lease
Inc; KNOP - KNOT Offshore Partners LP; MATX - Matson, Inc.; NAT - Nordic American Tanker Shipping; NM - Navios Maritime Holdings Inc; NMM - Navios
Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; NVGS - Navigator Holdings Ltd.; PRGN - Paragon Shipping Inc; SALT - Scorpio Bulkers; SB -
Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp;
STNG - Scorpio Tankers Inc; TEU - Box Ships Inc.; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy
Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; VLCCF - Knightsbridge Tankers Ltd;
DISCLAIMER: This communication has been prepared by Knight Capital Americas LLC.s ("KCA"), trading, market making and/or sales personnel
(collectively, "KCG Traders") to compile commentary received from either particular KCG Traders providing their personal perspectives on the markets,
sectors and general news or third party sources. The information set forth above has been obtained from or based upon sources believed by the KCG Traders
to be reliable, but each KCG Trader and KCG (as defined below) does not represent or warrant its accuracy or completeness and is not responsible for losses
or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. Opinions, historical price(s) or
value(s) are as of the date and, if applicable, time indicated. KCG does not accept any responsibility to update any opinions or other information contained in
this communication. The information provided herein is not intended to provide a sufficient basis on which to make an investment decision. It is intended only
to provide observations and views of individual KCG Traders, which may be different from, or inconsistent with, the observations and views of KCG and/or its
affiliates, officers, directors and/or employees (including other KCG Traders). The communication is for your general information only and is not an offer or
solicitation to buy or sell any security or product. KCG Traders may, from time to time express indications of interest to potentially buy or sell a particular
security. These indications of interest are not firm orders or quotes, and may not be current. Accordingly, please contact your KCG representative if you have
any interest or questions relating to these indications of interest or to any information provided herein. KCA most likely makes a market in the securities
mentioned in this document. KCG and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this
material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this
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document should be referred to your KCG Representative.
This document is a product of KCG Holdings, Inc. ("KCG") and its affiliates and subsidiaries (collectively "KCG"). KCG Holdings, Inc. ("KCG") is comprised of
trading and related entities under common control such as Knight Capital Americas, LLC, KCG Europe Limited (a U.K. registered broker-dealer) and KCG
Hotspot FX LLC.
© 2014 KCG Holdings, Inc. ("KCG") All rights reserved. Provided by Knight Capital Americas LLC, member of FINRA and SIPC.
Symbol YTD Decline %
FREE -95.80%
TOPS -91.51%
SALT -80.00%
DRYS -77.05%
TEU -74.47%
PRGN -62.64%
NM -61.22%
SB -60.77%
BALT -60.44%
SHIP -51.74%
16
Monday, December 22, 2014 (Week 51)
Weekly Market Report Week Ending December 19, 2014
FREIGHT
Capesize 4TC Average BCI TC Volume: 3,679 lots
Contract Average Chg Open Close Chg Low
Dec 14 7041 -1295 7100 7000 -100 7000
Jan 15 6986 -1243 7250 6700 -550 6700
Q1 15 7871 -1045 8000 8000 0 7500
Q2 15 10258 -539 10500 10200 -300 10100
Q3, Q4 15 14250 na 14500 14000 -500 14000
Cal 15 11683 -546 11900 11700 -200 11500
Cal 16 12581 -436 12750 12550 -200 12500
Panamax 4TC Average BPI TC Volume: 1,295 lots
Contract Average Chg Open Close Chg Low
Jan 15 6530 -751 6650 6500 -150 6500
Q1 15 6741 -249 6750 6800 50 6650
CAL 15 7525 -400 7400 7500 100 7400
Supramax 6TC Average BSI TC Volume: 165 lots
Contract Average Chg Open Close Chg Low High
Q1 15 8600 -230 8700 8550 -150 8550 8700
Q2 15 8950 80 8900 9000 100 8900 9000
IRON ORE
TSI Iron Ore 62% Fines TSIO 62 Volume: 2,900,500 mt
Contract Average Chg Open Close Chg Low
Dec 14 68.76 -1.07 69.25 69.40 0.15 68.25
Jan 15 68.59 -0.44 68.80 70.25 1.45 67.10
Feb 15 68.20 -0.23 67.15 69.75 2.60 66.80
Q1 15 67.65 -0.69 68.00 69.50 1.50 66.60
Q2 15 65.44 -0.49 65.70 67.00 1.30 64.00
Q3 15 64.68 -0.30 65.00 64.25 -0.75 64.25
SHIPPING MARKETS
17
Monday, December 22, 2014 (Week 51)
Legend
Average Weighted average price of the contract period for the week
Change (1) Difference between the current week Average and the previous week Average
Open Opening price of the week
Close Closing price of the week
Change (2) Different between the weekly Open and Close Price
Low Lowest price of the week
High Highest price of the week
SHIPPING MARKETS
BUNKER FUEL
FERTILIZER
Urea Nola Urea G N Volume: 78 lots
Contract Average Chg Open Close Chg Low High
Jan 15 333.82 7.42 330.00 343.00 13.00 330.00 343.00
Feb 15 335.50 4.21 332.00 340.00 8.00 332.00 340.00
Mar 15 333.33 5.33 1.00 1.00 1.00 330.00 340.00
DAP NOLA Volume: 15 lots
Contract Average Chg Open Close Chg Low High
Jan 15 415.00 na 415.00 415.00 0.00 415.00 415.00
Rotterdam 3.5% R35 Volume: 11,800 mt
Contract Average Chg Open Close Chg Low High
Q1 15 298.71 na 294.00 303.50 9.50 290.00 306.00
Singapore 380cst S38 Volume: 31,155 mt
Contract Average Chg Open Close Chg Low High
Dec 14 348.56 -28.69 335.50 347.50 12.00 335.50 350.00
Q1 15 317.33 na 310.25 321.75 11.50 310.25 321.75
18
Monday, December 22, 2014 (Week 51)
First Watch: Stifel Shipping Weekly Contributed by
Stifel Nicolaus & CO, Inc.
Stifel
One Financial Plaza,
501 North Broadway
St. Louis, MO 63102
Phone: (314) 342-2000 Website: www.stifel.com
Although the return of crude production in Libya has been one of the primary drivers of global crude production growth over the past nine
months, production has fallen approximate 60% in the past weeks due to clashes between pro-government forces and Islamist militias.
Production had grown more than 500,000 barrels per day since April to about 800,000 bpd but last week feel to about 456,0000 bpd. As a
consequence the momentum of rates for Aframaxes has loosens slightly despite seasonal trading inefficiencies that typically result in stronger
tanker rates.
Also this week, iron ore prices in China fell to slightly higher than $68 per ton, which is the lowest prices since June 2009. As a result of these
lower iron ore prices, there has been a sharp decline in Chinese domestic iron ore production which decreased by 7.5% in November 2014
compared to 128.2 million tons in 2013. This represents the second month of year over year production declines following a 4.9% Y/Y drop in
from October. We expect the lower iron ore prices which are largely to the result of large increases in Australian and Brazilian mining capacity
to push further higher cost mining operations (largely in China) out of the market, resulting in a greater percentage of iron ore production
being shipped at sea driving dry bulk shipping demand.
SHIPPING MARKETS
19
Monday, December 22, 2014 (Week 51)
19
Global Shipping Fleet & Orderbook Statistics
Contributed by Stifel Nicolaus & Co, Inc.
SHIPPING MARKETS
20
Monday, December 22, 2014 (Week 51)
Weekly Tanker Market Opinion LR … 2 Sides to the Story
Does it make sense to switch from clean to dirty?
While comparing the current TCE earnings for an LR2 moving
naphtha on an Arabian Gulf - Far East voyage with the earnings for
an Aframax trading crude from the Arabian Gulf to South East Asia,
you will notice that there is a significant differential: $33,400/day for a
‘dirty’ voyage versus $24,500/day for a ‘clean’ trip. Based on this
discrepancy, one would expect every owner of LR2s to switch their
vessels into the crude trade. However, this does not happen to the
extend you expect. Why is that?
Firstly, a portion of the Aframax product carrier fleet will, in fact,
switch to take advantage of market discrepancies. These tend to be
modern vessels with new or well-maintained coatings. Most of these
vessels are controlled by oil traders looking to take advantage of the
arbitrage opportunities between markets and cherish the flexibility of
these LR2 vessels. Most oil traders also have the advantage of
having access to both clean and dirty cargoes and knowing how to
optimize the use of such vessels. While large integrated oil
companies also move both clean and dirty products, the segregation
between the upstream and downstream operations of these large
organizations makes it much more difficult to switch these vessels
back and forth.
For shipowners that operate their LR2s in the spot market, several
factors will impact their decision on how, and where, to trade the
vessel. First of all, moving back and forth between clean and dirty
cargoes is not as easy as it sounds, in particular, switching from dirty
to clean. After a vessel has carried dirty petroleum products like
crude or fuel oil, a charterer will typically require several “clean-up”
cargoes, before it will accept the same vessel to carry clean
petroleum products. Since this clean-up process complicates and
delays the switching between markets, there are only a handful of
owners that do this on a regular basis.
Economic drivers are also a critical factor in an owners’ decision. As
figure 1 clearly shows, one market does not consistently outperform
the other and, for a switch to make sense, the owner needs to have a
view that one market will provide consistently higher returns than the
other for a period of at least 6 months.
This means that if an owner is evaluating whether to move a vessel
into the dirty market, he will probably only choose to do this when (a)
the market is markedly higher, (2) he expects that the rate
discrepancy will last for a while (at least 6 months or so) and (3) he
has the commercial experience and contacts to trade in the crude
markets.
A significant group of clean trading Aframaxes are currently
owned/operated by companies, including commercial pools that are
committed to the growing clean product market. Tanker pools which
tend to be highly structured commercial vehicles with specific pool
point systems and longterm cargo contracts are less likely to switch in
and out of markets than independent shipowners, who can be more
opportunistic.
Contributed by
Poten & Partners, Inc.
805 Third Avenue
New York, NY 10022
Phone: (212) 230 - 2000
Website: www.poten.com
SHIPPING MARKETS
As of now, only a relatively small group of LR2 operators have
both the ability, and inclination, to switch their vessels between
markets and even they may think twice given the ever changing
rate differentials.
21
Monday, December 22, 2014 (Week 51)
SHIPPING MARKETS
Contributed by
Charles R. Weber Company, Inc.
Greenwich Office Park One,
Greenwich, CT 06831
Phone: (203) 629 - 2300
Website: www.crweber.com
Tanker Market – Weekly Highlights
22
Monday, December 22, 2014 (Week 51)
SHIPPING MARKETS
Tanker Market – Weekly Highlights THE TANKER MARKETS
VLCC
The VLCC market remained firm through much of the week as
charterers moved forward on January cargoes in the Middle East market
against the tightest prevailing supply/demand ratio since 2008. TCEs on
the AG‐FEAST routes flirted with the $100,000/day level – offering the
market the highest single round‐voyage return since just prior to the
global financial crisis. The gains were not unexpected given the fact
that the December program concluded with 123 cargoes—a level which
exceeded the 121 we projected a week ago when we noted an implied
December surplus of just 5 units. Though the surplus was ultimately
unchanged due to offsetting factors, as the lowest surplus since the
2000s bull run the positioning was highly supportive of rates. However,
as the week progressed many owners were keen to fix ahead of the
holidays (and ahead of the expected slower markets which accompany
them). After one unit was fixed on a AG‐ROK run at ws75 due to its
approvals status, the market’s direction was uncertain with some
expecting rates to handily exceed the prior assessment of ws80 and
others expecting sub‐ws80 rates to continue. Ultimately, two fixtures
were concluded at the close of the week at ws70 on the AG‐CHINA
route after each received many offers – and this is likely to now lead to
softer undertones.
Supply/demand fundamentals remain strong; 16 cargoes have now
been covered for the first decade of the January program which leaves a
further 25 as likely uncovered while recent demand strength in the West
Africa market will augment Middle East demand by a projected four
cargoes given the fact that both markets draw from the same pool of
units. Against this there are 33 units available, implying a surplus of just
four units. This very tight position should help to support rates, though
given the high degree of psychology and other factors in driving rate
sentiment, the near‐term direction of rates remains to be seen. Thus,
the timing of fresh inquiry will likely have a greater influence; if chartering
demand slows during the upcoming week further rate losses are likely to
be recorded while a rush by charterers to cover requirements could
instead lead to a fresh round of rate gains.
Middle East
Rates to the Far East posted a w/w gain of 10.1 points to an average of
ws77.1. Corresponding TCEs averaged ~$84,228/day, a gain of
6%. Rates to the USG were assessed at an average of ws35,
representing a w/w gain of 1.4 points. Triangulated Westbound trade
earnings gained 5% w/w to an average of ~$76,278/day.
Atlantic Basin
The Atlantic basin remained active with rates rising through much of the
week in‐line with the Middle East market. Rates on WAFR‐FEAST
routes added 6 points to an average of ws67.8 with corresponding TCEs
adding 3% to an average of ~$68,233/day.
The Caribbean market remained tight with the ongoing dearth of
“natural” regional positions keeping rates on the CBS‐SPORE
benchmark route at highs last observed in 2008 with the month
expected to conclude at its strongest for a December since 2004. The
route was tested at the $7.25m level, marking a modest $50k gain on
last week’s average.
23
Monday, December 22, 2014 (Week 51)
Tanker Market – Weekly Highlights
SHIPPING MARKETS
Suezmax
Chartering activity for Suezmaxes in the West Africa market rallied to a
record high this week with a total of 31 fixtures reported. Voyages to
points in Europe led the demand gains, accounting for 18 of these (the
most since late July). Demand gains on routes to points in the US were
also observed and four such fixtures were reported (with destinations
including the USAC, USG, USWC and Hawaii) representing the loftiest
tally since February. Charterers worked through remaining
end‐December cargoes at the start of the week which left fewer
carryover units into January dates. A subsequent surge in demand to
cover cargoes for loading during the first decade of the January
program, combined with some charterers reaching further forward into
second‐decade dates, saw incremental rate gains materialize
throughout the week. Rates on the WAFR‐USAC route ultimately
posted a 25‐point gain to a closing assessment of ws97.5 while the
WAFR‐UKC route rallied by the same amount to ws100. The market
remains firm now on a tight supply/demand ratio which could see further
rate gains materialize during the upcoming week ahead of the holidays.
Further forward, light purchases to‐date for January Nigeria offerings
raise Suezmax demand prospects in a similar fashion to that which had
materialized a number of times during 1H14. With Chinese traders
having covered a large portion of the Angola program, the absence of
such purchases from Nigeria implies that later purchases could be
heavily oriented to the Suezmax class as VLCCs will be largely out of
play given forward fixing time differences. Similarly, the observed
disinterest by Chinese and other Far East traders for Nigerian cargoes
have exerted pressure on traditional differentials which make these
more attractive to European buyers, which also favors Suezmaxes.
Aframax
Demand in the Caribbean Aframax market retreated this week with the
resulting buildup of available tonnage prompting further rate
losses. Just 10 fixtures were reported, representing a 29% w/w
decline. Rates dropped to a 10‐week low with the CBS‐USG route
shedding 17.5 points to a closing assessment of ws95. The downside
comes on the back of a recent paring of US heavy crude imports from
regional producers Venezuela and Mexico after EIA data showed these
spiked to their highest collective level since July during the week ending
5 December. On a four‐week moving average basis, such imports were
on‐par with the 2014 average. While the recent high PADD 3 (USG)
refinery utilization rates should imply a fresh rebound of demand for
imports of regional heavy crudes, volumes imported from Canada could
provide a mitigation thereof. Amid uncertainty over near‐term demand
trends, the upcoming holidays present further uncertainty. A
concentrated rush to cover requirements ahead of the holidays early
next week could serve to either limit further downside or potentially
prompt small gains while an absence thereof would likely see rates
continue to post losses as a number of prompt units are presently
available—and the list is likely to grow over the weekend. For its part,
competition by regional Suezmaxes appears set to be challenged
following strong rate gains this week with potential for further gains in
the near‐term; $/bbl CBS‐USG freight costs on Suezmaxes presently
stand at $1.70 while Aframaxes stand at $1.60.
24
Monday, December 22, 2014 (Week 51)
Tanker Market – Weekly Highlights
SHIPPING MARKETS
Panamax
The Caribbean Panamax market was quieter this week leading to a
more flexible supply/demand position and softer rates. The CBS‐USG
route dropped 15 points to a closing assessment of ws147.5.
CPP
The USG MR market experienced a fresh demand surge this week with
the tally of reported fixtures jumping 24%, w/w, to 41 (marking the third
most active week of the year). Of these, nine were bound for points in
Europe while 20 were destined for Latin America and the Caribbean and
the remaining 12 for destined for other places or have yet to be
determined. The rise in activity follows a continued building of PADD 3
(USG) distillate inventories on the back of very strong recent regional
refinery utilization rates. Downward pressure on US benchmark diesel
prices aided the trans‐Atlantic demand observed this week (which was
50% stronger than the YTD weekly average). Seasonal factors have
also boosted voyages to Canada’s East Coast (generally a
gasoline‐heavy route within CPP markets).
Despite the demand gains, rates continued to declines as overall
availability levels built. The USG‐UKC route lost 2.5 points to conclude
at ws140 while the USG‐Pozos route posted a gain of $50k to $800k
(having risen as high as $850k earlier during the week). At the close of
the week, two‐week forward USG positions show an 18% increase to 40
units. This figure excludes USAC positions as the ballast ideas of
commercial managers for units freeing in the area are failing to show
certainty given the fact that rate downside has also prevailed in the UKC
market. Also factoring into rate downside was a greater eagerness by
owners to fix units ahead of the holidays and lock into returns which
remain well above recent norms—even at levels below last‐done
rates. Given the fact that PADD 3 distillate inventories remain high
following record seasonal refining runs while few cargoes for the 27‐31
December load window have been covered, demand downside on
should remain limited. Moreover, rising US gasoline demand should
continue to support UKC‐USAC demand, which gives USAC positions
more opportunities—and less incentive to ballast speculatively to the
USG in hopes of finding a more active market. Accordingly, rate
progression during the shortened upcoming week will be heavily
influenced by the timing of fresh demand and a rush to fix would likely
prove supportive of rates, at least generally within the Atlantic basin
while the ultimate ballast direction of the bulk of the USAC positions will
likely heavily influence how any materializing rate gains are distributed
between the USG and UKC markets.
26
Monday, December 22, 2014 (Week 51)
Contributed by
Golden Destiny S.A.
57 Akti Miaouli Street, Piraeus,185 36
Greece
Phone: +30 210 4295000
Website: www.goldendestiny.gr
S&P Secondhand, Newbuilding & Demolition Markets
The estimated invested capital does not include deals reported at an
undisclosed secondhand sale price.
P&C: deals reported as private and confidential with no disclosed details
for the secondhand sale price.
SHIPPING MARKETS
S&P MARKET TRENDS DURING OCTOBER: ↓ Secondhand – ↓Newbuilding – ↓Demolition
NEWBUILDING MARKET
The estimated invested capital does not include deals reported with
undisclosed newbuilding price.
P&C: deals reported as private and confidential (not revealed contract
price)
NEWBUILDING MARKET – ORDERS
Key: GR: Greece, PRC: China, NOR: Norway, JPN: Japan, DEN: Denmark, CAN: Canada, SWD: Sweden, GER: Germany, TRK: Turkey, NIG: Nigeria, SKR: South Korea, SPORE:
Singapore, CYP: Cyprus, Dely: Delivery
TOTAL
Units
($) Invested
Capital Units in DWT Units SH DEMO
Bulkcarriers 3 41,900,000 1 42,637 4 -63% -50%
Tankers 8 131,900,000 0 0 8 -56% -100%
Gas Tankers 0 0 0 0 0 -100%
General Cargo 0 0 0 0 0 -100%
Containers 1 4,800,000 2 67,088 3 -75% -60%
Reefers 0 0 0 0 0
Passenger / Cruise 0 0 0 0 0
Ro - Ro 0 0 0 0 0 -100%
Car Carrier 0 0 0 0 0
Combined 0 0 0 0 0Special Projects 1 390,000,000 0 0 1 0% -100%
TTL VSLS/Demo 13 568,600,000 3 109,725 16 -63% -70%
%w-o-w
WEEKLY S&P ACTIVITY
2 S&P deals reported at an undisclosed sale price
VESSELTYPE SECOND HAND DEMOLITION
Vessel Type Units in DWT P&C
Bulkcarriers 6 191,000 2
Tankers 11 614,240 1
Gas Tankers 9 804,000 0
General Cargo 2 40,000 2
Containers 0 0 0
Reefers 0 0 0
Passenger / Cruise 0 0 0
Ro - Ro 1 7,000 0
Car Carrier 0 0 0
Combined 0 0 0
Special Projects 2 6,000 1
TOTAL 31 1,662,240 6
0
0
156,000,000
0
0
800%
-33%
%w-o-w
500%
83%
Invested Capital
88,000,000
528,000,000
-60%
35%
WEEKLY NEWBUILDING ACTIVITY
69,400,000
2,641,400,000
-100%
-100%
0%
1,800,000,000
N/A
0
Vessel Type Sub-type Dwt Contractor Country Builder Country Dely USD mil/Unit
Bulk Carrier 4 + 2 38,000 Reederei H. Vogemann GER Avic Weihai PRC 9/12-2016,3/6-2017 22,000,000
Bulk Carrier 1 33,000 Doun Kisen KK JPN Shin Kochi JPN 3-2016 N/A
Bulk Carrier Cement Carrier 1 6,000 PT Dian Bahari Sejati IND Nantong PRC 8-2015 N/A
Tanker 2 +2 156,000 Sonangol ANG DSME SKR 10-2016,1-2017 70,000,000
Tanker 4 + 2 LR2 Scorpio Tankers MON Undisclosed SKR 1q2016-3q2016 51,000,000
Tanker 4 +2+2+2 73,800 BW Maritime SPORE STX Offshore & Spbg SKR 10/12-2016,1/3-2017 46,000,000
Tanker 1 7,040 Solid SC RUS Yangzhou Haichuan PRC 12-2015 N/A
LNG 3 173,400 cbm Teekay LNG Tankers USA DSME SKR 5/8/12-2018 200,000,000
LNG 6 174,000 cbm BP Shipping UK DSME SKR 2018-2019 200,000,000
General Cargo Heavy-lift. 2 20,000 VOF BigRoll Shipping NTH COSCO Dalian PRC 6-2016,1-2017 N/A
Ro-Ro 1 7,000 Algerie-Ferries (ENTMV) ALG Barreras SA SP 2-2017 156,000,000
Special Project Deepsea mining 1 Undisclosed SPORE Fujian Mawei PRC 6-2017 N/A
Special Project OSCV 1 6,000 Farstad Shipping ASA Vard Vung Tau Ltd VTM 12-2016 69,400,000
Units
Capital Link Shipping Weekly Markets Report
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